{"id":14499,"date":"2025-06-05T09:52:37","date_gmt":"2025-06-05T08:52:37","guid":{"rendered":"https:\/\/dev.greenbenefit.com\/management-commentary-for-private-clients-june-5-2025\/"},"modified":"2026-04-07T14:00:34","modified_gmt":"2026-04-07T13:00:34","slug":"management-commentary-for-retail-clients-june-5-2025","status":"publish","type":"post","link":"https:\/\/greenbenefit.com\/en\/management-commentary-for-retail-clients-june-5-2025\/","title":{"rendered":"Management Commentary for Retail Clients &#8211; June 5, 2025"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">General Development<\/h2>\n\n<p>In May 2025, the fund price rose by 2.23%, but was only able to retain a portion of the gains, which had reached up to 10% in the interim. New legislative initiatives in the U.S. House of Representatives had a politically detrimental effect, potentially eliminating key clean energy tax credits. The solar industry in the residential segment would be particularly affected, whereas companies like First Solar would likely benefit relatively. On a positive note, the recently dominant geopolitical tensions \u2013 particularly in connection with U.S. customs policy \u2013 noticeably eased. For full performance details, please refer to our <a href=\"https:\/\/documents.anevis-solutions.com\/greenben\/green_benefit_Global_Impact_Fund_P.pdf\" target=\"_blank\" rel=\"noopener\">Factsheet<\/a>.    <\/p>\n\n<p><strong>Market Performance in May<\/strong><br\/>Fourteen portfolio holdings recorded losses, while sixteen performed positively. The strongest performers included ITM Power, SMA Solar, Ceres Power, Canadian Solar, and First Solar. On the losing side were notably Wolfspeed, Aumann, Nano One, Hexagon Purus, DynaCert, and Enphase. The equity ratio stood at 96% at the end of the month.   <\/p>\n\n<p><strong>Portfolio Adjustments and Risk Management<\/strong><br\/>In May, we reduced our positions in Aumann and SFC Energy to secure profits. At the same time, we used the sharp price decline in Enphase for a counter-cyclical repurchase. Conversely, we completely divested our position in Wolfspeed, as media reports of a potential insolvency intensified and management refused to comment. Despite high order volumes and market shares, doubts about financial stability could not be dispelled.   <\/p>\n\n<p><strong>Strong Momentum in the Hydrogen Sector<\/strong><br\/>Several portfolio companies in the hydrogen sector reported significant progress:<br\/>Thyssenkrupp nucera was awarded a contract for a feasibility study of a 600 MW project in Europe. SFC Energy secured a major Danish order to supply critical infrastructure with fuel cells. Plug Power achieved a production record of 300 tons of liquid hydrogen per month in Georgia and remains a market leader in the USA. Nel ASA announced a partnership with Samsung for the development of an integrated hydrogen solution.   <\/p>\n\n<h2 class=\"wp-block-heading\">Company Examples<\/h2>\n\n<p><strong>ITM Power with New Forecast and Massive Price Increase<\/strong><br\/>ITM Power continued its positive trend: Following operational progress already mentioned in February, the company raised its forecast for the past fiscal year in April and reported significant new orders. The stock subsequently reached a new annual high \u2013 a sign of the increasing market acceptance and competitiveness of the business model. <\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Development In May 2025, the fund price rose by 2.23%, but was only able to retain a portion of the gains, which had reached up to 10% in the interim. New legislative initiatives in the U.S. House of Representatives had a politically detrimental effect, potentially eliminating key clean energy tax credits. The solar industry [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":17096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[91],"class_list":["post-14499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-commentary-retail","tag-2025-q2-en"],"_links":{"self":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/comments?post=14499"}],"version-history":[{"count":1,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14499\/revisions"}],"predecessor-version":[{"id":17102,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/posts\/14499\/revisions\/17102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media\/17096"}],"wp:attachment":[{"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/media?parent=14499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/categories?post=14499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greenbenefit.com\/en\/wp-json\/wp\/v2\/tags?post=14499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}